Payment company Stripe held early discussions with banks about integrating stablecoins into their core service as Digital token’s winning traction for global payments, co -founder and President John Collison said in an interview with Bloomberg.
“Banks are very interested in how to integrate with stableecoins in their product offerings,” Collison said. “This is not something that the banks just brush away or treat like a fashion.”
His comments emphasize the growing interest among traditional financial companies to explore stableecoins, one of the fastest growing cases of crypto. Stableecoins, which have become an asset class of $ 240 billion, are blockchain-based tokens rooted in government-issued currencies, predominantly to the US dollar. They offer cheaper, faster alternative with the time compared to traditional payment channels.
PayPal (PYPL) launched its own US dollar-supported stableecoin pyusd, while the French Bank Societe General issued a euro-supported token EURCV. Visa developed a tokenization platform to help banks issue stablecoins.
Stripe also focuses on the growing role of stableecoins in international payments.
The company made headlines earlier this year by acquiring StableCoin Tech Startup Bridge for $ 1.1 billion. Since then, Bridge rolled its own stableecoin USDB, while Stripe introduced stablecoin accounts in over 100 countries.
“Much of our future payment volume will be in stablecoins,” Collison said in the interview.
He pointed to expensive FX fees and multi-day treatment times as pain points that stablecoins could address.
Read more: Tether, Tron dominates fast growing stableCOin payments Arena, studies show
